phd doctoral loan

Best graduate school loan rates in April 2024

• • Personal finance

Kim Porter is a former contributor to Bankrate, a personal finance expert who loves talking budgets, credit cards and student loans. Porter writes for publications such as U.S. News & World Report, Credit Karma and Reviewed.com. When she’s not writing or reading, you can usually find her planning a trip or training for her next race.

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• • Student loans

Hannah has been editing for Bankrate since late 2022. They aim to provide the most up-to-date information to help people navigate the complexities of loans and make the best financial decisions.

Mark Kantrowitz is an expert on student financial aid, the FAFSA, scholarships, 529 plans, education tax benefits and student loans.

Bankrate's ranking for the best student loan lender for graduate school considers lender terms, interest rates and additional features to help you find a loan that is right for you. 

A graduate school loan is a type of student loan specifically designed for graduate studies, including a traditional master’s degree, a Ph.D, law degree, an MBA or a medical degree. Graduate school loans are used to pay for tuition and fees, although most lenders let you use the funds for books, supplies, housing and other expenses.

Graduate school loans are a great option for people who don't have the money to pay for college out of pocket and who have exhausted scholarships, grants and other aid opportunities. If you're searching for a loan, it's generally best to start with federal loans, as they offer flexible repayment options and you may qualify for forgiveness. However, private student loans can also be a good option. Many lenders don’t charge application or origination fees and borrowers with good credit could secure lower rates than those offered by federal loans.

Federal student loans for graduate school in the 2023-2024 school year have an interest rate of 7.05 percent for direct unsubsidized loans and 8.05 percent for PLUS loans. Private student loans typically have rates ranging from 3 percent to 15 percent.

How to apply for a student loan

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Answer a few questions, compare your offers, lock in your rate, the bankrate guide to choosing the best graduate student loans.

When shopping for a graduate student loan, compare APRs across multiple lenders to make sure you’re getting a competitive interest rate. Also look for lenders that keep fees to a minimum and offer repayment terms that fit your needs. Check the lenders’ websites for the most up-to-date information. The graduate student loan lenders listed here are selected based on factors such as APR, loan amounts, fees and repayment options. The methodology section at the bottom of the page has more details.

The best graduate student loan rates in April 2024

*The rates in this table are the rate ranges given for graduate student loans. The information on lenders below reflect the overall student loan rate range offered by each lender.

**The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001.

Best overall

Federal Direct Unsubsidized and Subsidized Loans

on Bankrate

Pros & Cons

• Several repayment plan options.
• Forgiveness opportunities.
• One interest rate for all borrowers.
• Annual loan amount cap of $20,500.
• Loan fees for all loan disbursements.
• Not available to international or DACA students.

Eligibility & More

Best if you don’t have a co-signer.

Check rate with Credible

Why Ascent is best if you don't have a co-signer: Ascent claims that it considers factors like your school, program and GPA in addition to your credit score, so you may have a better chance of getting a lower rate without a co-signer than you would with other lenders.

• Forbearance for up to 24 months over the life of the loan.
• Extended in-school periods of up to 48 months for some loans.
• Considers factors outside of creditworthiness, such as school, program and GPA.
• High APR caps.
• Not available to students attending less than half time.
• Borrowers must have at least two years of credit history.

Best for multiyear approval

• Get approved for multiple years of funding.
• Low starting APRs.
• Loyalty discount for existing Citizens Bank customers.
• Aggregate loan limit of $150,000 to $350,000, depending on degree.
• Long co-signer release period of 36 months.
• Maximum repayment term of 15 years.

Bankrate 2024 Awards Winner: Best student loan for graduate students

College Ave

• Three-minute initial application.
• Available to borrowers enrolled less than half time.
• Several repayment options and terms.
• Forbearance limited to 12 months over the life of the loan.
• Maximum loan amount of $150,000 for some degrees.
• Limited eligibility information.

Best low APR

• Discounts for existing SoFi members.
• Member rewards.
• Vague income eligibility requirement.
• Relatively short grace period of six months.
• Maximum term length of 15 years.

What is a graduate student loan?

A graduate school loan is a type of student loan that can help pay for graduate school tuition, fees, books, housing and more. These loans often have higher borrowing limits than undergraduate student loans, since graduate school costs more. They may also have perks specific to your degree — for instance, extended deferment during a clerkship or fellowship opportunities.

Types of graduate student loans

When you need to borrow money to pay for graduate school, you have three main options: federal Direct Unsubsidized student loans, federal grad PLUS student loans and private student loans. 

Federal graduate student loans

Federal student loans are backed by the U.S. Department of Education and are loaded with borrower protections and flexibility.  Within this program, graduate students can choose between a Direct Unsubsidized student loan and a grad PLUS loan.

You can borrow up to $20,500 each school year with a Direct Unsubsidized student loan, with a $138,500 aggregate limit for most degrees. A grad PLUS loan allows you to borrow more — up to 100 percent of the cost of attendance. In general, it's best to maximize your unsubsidized loan options first, as interest rates are lower than those of grad PLUS loans. Additionally, you must go through a credit check for grad PLUS loans, which is not the case for Direct Unsubsidized Loans.

To apply for either of these loans, you'll have to complete the FAFSA, which opens on Oct. 1 each year. If you're applying for a grad PLUS loan, you'll also have to fill out a separate application once the FAFSA is complete. If this is your first time receiving a Direct Loan, you'll be required to complete entrance counseling.

• Flexible repayment options, including income-driven repayment plans.
• The same fixed rates for all borrowers, regardless of credit score.
• Borrower protections, including deferment and forbearance options and potential loan forgiveness.
• Relatively low loan limits for Direct Unsubsidized Loans.
• Origination fees.
• Potential for garnishment of wages or tax refunds if you default.
• Potentially higher interest rates than private lenders offer if you have excellent credit.

Private graduate student loans

Private student loans are originated by private financial institutions, such as banks, credit unions and online lenders. You have dozens of options to choose from, but each lender sets its own rates, terms and eligibility requirements. Rates are commonly anywhere from about 4 percent to 17 percent and can be fixed or variable. The exact rate you're quoted depends on your credit score and financial profile. As such, you'll have to go through a hard credit check in order to be approved for a loan.

Unlike with federal student loans, you'll generally have a range of repayment terms to choose from with private lenders, usually between five and 20 years. Private student loan lenders also often offer degree-specific loans that are tailored to the needs of law school , medical school , business school and more.

• Zero fees with many lenders.
• Lower interest rates if you have an excellent credit score.
• Choice between fixed and variable interest rates.
• High loan limits.
• No defined hardship plans.
• No income-driven repayment or forgiveness plans.
• Harder to qualify with poor credit.

FAQ about graduate student loans

Do graduate students qualify for subsidized loans.

As of July 1, 2012, graduate students are not eligible for subsidized Stafford loans. However, if you took out a subsidized loan before this time, that loan will still count toward your aggregate loan limits.

What is the average interest rate for graduate student loans?

How much can i borrow in graduate student loans.

Many private student loan lenders will let you borrow up to the full cost of attendance, minus any financial aid received. However, you may be subject to aggregate limits based on your degree program. If you're taking out a federal loan, you may borrow up to $20,500 per year in Direct Unsubsidized Loans or up to the full cost of attendance with grad PLUS loans.

Is taking out loans for graduate school worth it?

You should never take on a large amount of debt without careful consideration; student loans in particular tend to stick around for a decade or more, which can delay wealth-building and eat into your monthly budget. However, for many students, taking out loans is the only way to achieve an advanced degree and potentially open up higher-paying careers.

Ultimately, it's up to you to decide whether it's worth it to take out loans for graduate school. You can start by weighing how much you need to borrow (and what your monthly payment will be) against projected future incomes for your career path. Remember to borrow the minimum amount you need; this limits how much interest builds up and how large your monthly payments will be after graduation.

Methodology

To find the best graduate school student loans, we first compiled lenders that are reputable and have a wide reach, offering loans to students across the United States. We also considered lenders' starting interest rates to ensure that they fell below national averages.

From there, we narrowed down our list by comparing interest rate ranges, available loan amounts, required fees, repayment options, discounts and degree types covered to ensure that our picks catered to a variety of graduate students. To determine our final rankings, we selected lenders with unique features, such as a quick application process or multiyear approval.

Federal Direct Graduate PLUS Loan Program (Grad PLUS)

The Federal Direct Graduate PLUS Loan is a fixed interest supplemental loan program that enables graduate students to borrow directly from the U.S. Department of Education to help pay for their educational expenses. The Program is administered by the Harvard Graduate School of Education Financial Aid Office, which works with the U.S. Department of Education to offer this loan. This loan is only available to U.S. Citizens and permanent residents; students must be enrolled in a minimum 6 credits per term in a degree-granting program (residential or online) to be eligible.

This loan has many benefits such as a fixed interest rate, high credit approval rate and streamlined application process. Loan payments can be deferred while in school at least half time and the loan has flexible repayment options. As part of the Federal Direct Loan Program, this loan would also conveniently become part of your loan account that contains your Federal Direct Subsidized/Unsubsidized Loan(s), thus reducing your number of lenders. Since Harvard University participates in the Federal Direct Loan Program this is the only supplemental loan that is recommended by the HGSE Financial Aid Office, however students may select any supplemental loan of their choice.

The 2023-2024 Federal Direct Graduate PLUS Loan Application is available here . After submitting your application the HGSE Financial Aid Office will be notified and we will work to add the approved loan to your financial aid package- please allow several business days for this process to be completed. The 2024-2025 Federal Direct Graduate PLUS Loan Application will be available in May 2024.

Federal Direct Graduate PLUS Loan Eligibility

The Federal Direct Graduate PLUS Loan (Grad PLUS) is available to U.S. citizens and permanent residents. It is not based on need, however you must still file the FAFSA to be eligible. You must be enrolled at least half-time in a graduate degree-granting program (residential or online) and meet basic credit criteria set by the U.S. Department of Education to be eligible for this loan.

Federal Direct Graduate PLUS Loan Limits and Terms

You may borrow up to the full student budget less total financial aid from all sources. The interest rate is fixed at 8.05% for 2023-2024 loans. There is a 4.228% loan origination fee deducted from the loan by the U.S. Department of Education for loans with a first disbursement date prior to October 1, 2024 (for example: if you borrow a $10,000 Grad PLUS Loan a net disbursement of about $9,577 will be applied to your student account). The Grad PLUS Loan is credit-based and requires credit approval by the U.S. Department of Education.

Refer to the Federal Student Aid website for additional information regarding Direct Grad PLUS Loans.

Student Loan Support Center for Grad PLUS Loan Applicants & Borrowers

Phone: 1-800-557-7394  8 a.m. – 8 p.m. EST Monday to Friday 877-461-7010 TDD Grad PLUS Loan Borrowers can contact the Support Center for:

• Appealing a credit decision
• Endorser application questions
• Assistance with the StudentLoans.gov website

Credit Criteria

Credit approval is based on federally mandated criteria, not a credit score. In order to qualify, you must not have any of the following items on your credit report:

• Any debt that is 90 or more days delinquent or that are in collection or have been charged off during the two years preceding the date of your credit check, but only if the total combined outstanding balance of those debts is greater than $2,085.
• Any of the following within the preceding five years of the date of the credit check: default, bankruptcy, discharge, foreclosure, repossession, tax lien, wage garnishment, write-off of a Title IV debt, open collection. 

Credit Approval

Credit approval is valid for 180 days. Your credit is evaluated every time you request a new loan unless you have had a credit decision within the preceding 180 days.

If you think you may have one or more of the items outlined in the credit requirements listed above you may want to obtain your credit report in advance of applying for a Grad PLUS Loan. You should work to correct negative items on your credit report as soon as possible.

Credit denial options include:

• Applying for the loan with an endorser, which is a credit worthy loan cosigner.
• Correct any invalid information on your credit report and reapplying.
• Appeal the denial with the Student Loan Support Center (see above for contact information) due to extenuating circumstances relating to your adverse credit history.
• Correspondence will be sent to Grad PLUS Loan applicants who receive an adverse credit determination. Information will include instructions regarding appealing the denial of a Grad PLUS Loan Application and securing an endorser for the loan.

Federal Direct Grad PLUS Loan Repayment

Repayment can be managed on the website of your loan servicer, which will be assigned to you by the U.S. Department of Education. While the interest rate on the loan is fixed, interest starts accruing on the loan at the time of disbursement to Harvard. Payments can be deferred until after graduation while you are enrolled at least half time. Accrued interest can be paid quarterly while you are in school or capitalized (added) the loan when you enter repayment if you prefer. You will accrue future interest based on the higher principle balance while in repayment. The U.S. Department of Education has a loan repayment calculator that can help estimate your loan repayment options.

Loan Application

The 2023-2024 Federal Direct Graduate PLUS Loan application is available here . After submitting your application the HGSE Financial Aid Office will be notified and we will work to add the approved loan to your financial aid package, please allow several business days for this process to be completed. The 2024-2025 Federal Direct Graduate PLUS Loan Application will be available in May 2024.

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Financial Aid for Graduate School: Who Qualifies and How to Apply

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Key takeaways

Financial aid for graduate school includes grants, scholarships, fellowships, assistantships and loans.

Exhaust all opportunities for free aid before considering student loans.

If you take out student loans, borrow federal direct loans first. For additional funding, compare offers between federal PLUS loans and private loans to see where you’ll get the best deal.

If you’re considering graduate school, make sure you have a funding plan in place ahead of time. Costs for graduate school can vary greatly depending on the type and length of the program, but there are opportunities to help cut down out-of-pocket costs.

Graduate students can get financial aid through:

FAFSA: The Free Application for Federal Student Aid provides access to federal, state and some school-based grants.

Organization grants: Industry-specific organizations may provide grants to those studying in relevant fields.

Scholarships: State governments, schools and private organizations may provide scholarships for academic excellence or other factors, like studying in high-needs fields or increasing diversity.

Fellowships: Schools, private organizations and government entities offer fellowships based on field of study and academic performance in exchange for research activities.

Assistantships: Schools may award living stipends and tuition waivers to full-time students in exchange for work.

Employer tuition assistance: Employers may offer to reimburse their employees’ tuition expenses as an employment benefit.

Here’s who qualifies and how to apply for each type of aid.

» MORE: How to pay for grad school: 5 strategies for students

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Complete the Free Application for Federal Student Aid, or FAFSA , as your first step to funding your graduate education. Citizens and eligible non-citizen graduate students, including permanent residents and U.S. nationals, are eligible to file.

You must file the FAFSA to qualify for federal and state-based grant awards. Many school-based grants also require the FAFSA.

Federal grants for graduate students include the Teacher Education Assistance for College and Higher Education, or TEACH, grant. The TEACH grant provides up to $4,000 a year to education students who will teach in a low-income school or high-needs field after graduation.

Contact the department of education for your state and your school’s state to learn more about state-based grant opportunities.

Contact your school’s financial aid office to learn more about school-based grants and ask your department head about industry-specific grants.

» MORE: Guide to grants for college

Scholarships

Scholarships are available at the state, local and school levels. These awards are based on various eligibility criteria, which can include field of study and academic achievement. Some scholarships are also need-based or allocated only for certain demographics.

Apply for as many scholarships as you qualify for to increase your chances of getting the most money.

Check the Department of Labor’s Scholarship Finder or National Association of Student Financial Aid Administrators’ state-based scholarship search tool to find programs.

Contact your school’s financial aid office and department head about specific scholarship programs you may be eligible for.

» MORE: How to get a scholarship

Fellowships and assistantships

Eligibility requirements and service commitments for fellowship and assistantship programs vary. While fellowships are offered by schools, private organizations or government agencies, assistantships typically only come from the school.

With a fellowship, you may perform research activities outside of your school and payment may not be directly tied to tuition. As assistantships are generally school-based, they are more likely to directly provide full or partial tuition waivers. Some assistantships also come with living stipends .

Contact your financial aid office about school-based fellowships and assistantships, including teaching and resident assistantships. Search the zintellect database, which has ties to the Department of Education and a consortium of Ph.D.-granting institutions, for government and private-sector fellowships.

» MORE: Is a masters degree worth it?

Employer tuition assistance

According to a 2020 survey by the Society for Human Resource Management, or SHRM, about 47% of employers offer tuition assistance as part of their benefits package. This benefit can be in the form of tuition reimbursement, where the employer gives a lump sum to employees after they prove their tuition expenses. Other companies may pay tuition costs directly to the school, so the employee doesn't have to front the bill.

The amount of reimbursement varies by employer. The most common benefit ranges from $5,000-$5,999, according to a 2019 report by the International Foundation of Employee Benefit Plans.

Contact your human resources team to ask about your company’s tuition assistance benefit. Make sure to verify that graduate school tuition qualifies. You also want to get an understanding of any service commitments that come with accepting the benefit. Some employers require you to stay with the company for a certain period after the reimbursement funds are disbursed.

If you exhaust all of your opportunities for aid that doesn’t have to be repaid, look to student loans to fill the remaining funding gaps for graduate school. Schools may include student loans as part of your aid package, but you have to repay them.

Filing the FAFSA typically qualifies you for direct unsubsidized federal student loans. As a graduate student, you can borrow up to $20,500 each year. These loans will accrue interest while you are in school, but typically come with lower interest rates than their private loan counterparts. They also offer repayment options that private student loans don’t, like income-driven repayment .

» MORE: Government student loans: What are the benefits?

If you still need more funding, compare offers between the Grad PLUS loan from the federal government and options available with private student loan companies .

Unlike other federal student loans, PLUS loans require a hard credit check and may come with a higher rate than you can get with a private lender. But if you think you’ll need the protections of federal student loans, they’re still a better option.

On a similar note...

• PhD Loans – 2023 Guide for Doctoral Students
• Funding a PhD
• A PhD Loan can fund a PhD in any field lasting between three to eight years .
• You can borrow up to £28,673 for courses that started on or after 1st August 2023.
• There are several eligibility restrictions, including that you must be a UK national resident and not receiving other funding (e.g. from Research Council or NHS).
• The repayments will be 6% of your annual income above  £21,000 .

What Is a PhD Loan?

A PhD loan is a form of UK Government loan made available to doctoral students residing in England or Wales. It is designed to help students fund their doctoral programme or equivalent degree, covering basic costs such as the tuition course fees and living costs.

The most common degrees they cover are:

• PhD – Doctor of Philosophy
• EngD – Doctor of Engineering
• EdD – Doctor of Education

Note: PhD Loans are formally known as Postgraduate Doctoral Loans, however, many postgraduate students commonly refer to Doctoral Loans as PhD Loans due to their primary use to fund PhDs.

Am I Eligible for a PhD Loan?

There are several requirements you must meet to be an eligible student for a PhD loan, such as your residency status. The eligibility criteria are summarised below into two categories – those that make you eligible and those that make you ineligible for a PhD loan.

Requirements That Make You Eligible:

• Be a UK or Irish citizen or have settled or pre-settled status under the EU Settlement Scheme , and ordinarily a resident of England or Wales.
• Be under the age of 60.
• Undertake a PhD (or another doctoral degree) that is three to eight years long and provided by a university in the UK.

Note: A common misunderstanding amongst university students is that a Doctoral Loan can fund an MPhil degree. As an MPhil is a Master’s degree, it does not meet the ‘Doctoral or equivalent’ requirement for being eligible for a Doctoral Loan. Therefore, if you are considering undertaking an MPhil, you should instead be applying for a Postgraduate Master’s Loan. If more appropriate for your situation, you can find out more information about Postgraduate Loans here .

Requirements That Make You Ineligible:

You must not:

• Already hold a PhD or equivalent doctoral degree.
• Already be receiving funding. This includes grants from the Research Council (studentships, stipends & scholarships etc.), a social work bursary or NHS bursary (note that being eligible for an NHS Bursary even if you’re not receiving one will make you ineligible for a PhD loan).
• Already have had a Doctoral Loan before, unless you left your course due to illness, bereavement or another serious personal reason. You are still eligible if you have received an undergraduate loan in previous study.
• Obtain your PhD through publication (as this won’t have a period of study associated with it)

Aspects That Don’t Affect Your Eligibility:

There are several aspects of your PhD course that do not affect your eligibility to receiving Doctoral Loans. These are:

• Your doctoral course – your PhD can be in any subject or field. The underlying requirement is that it is provided by a university in the UK; i.e. a university in either England, Wales, Scotland or Northern Ireland.
• Full-time or part-time course – you need not pursue your PhD full-time to be eligible. The underlying requirement is that your PhD can be completed within eight years regardless of how you allocate your time.
• Taught, research-based or a combination of both – as long as your PhD has an aspect of studying associated with it, the method of obtainment of your PhD will not affect your eligibility.

How Much Funding Can I Get?

The amount of funding you can obtain isn’t means-tested. This means that it isn’t related to your financial background or household income and therefore you can qualify for the full amount regardless of your situation.

The maximum loan amount you can borrow falls into one of three categories:

• Up to £28,673 if your course starts on or after 1st August 2023 ,
• Up to £27,892 if your course started between 1st August 2022 and 31st July 2023 ,
• Up to £27,265 if your course started between 1st August 2021 and 31 July 2022 .

You may apply for a Postgraduate Doctoral Loan in any year of study, however you may not receive the maximum amount if you apply after the first year of your PhD. For annual costs, you may receive:

• Up to £12,167 per year  if your course starts on or after 1st August 2023 ,
• Up to £11,836 per year  if your course started between 1st August 2022 and 31st July 2023 ,
• Up to £11,570 per year  if your course started between 1st August 2021 and 31 July 2022 .

When Will I Get Paid?

Your loan payments will be spread out across all academic years of your course.

Example: If you undertake a full-time PhD over 5 years and apply for a loan amount of £25,000, you will receive £5,000 in each academic year.

Further to this, the allocation for each academic year will be paid in three even instalments, with each instalment paid at the start of a new term.

Example: Continuing with the above example, the £5,000 per each academic year would be paid in three instalments of £1,667.

Your first instalment will typically be paid immediately after your course start date. This is because your university will first need to confirm to Student Finance England (SFE) or Student Finance Wales that you’ve officially enrolled with them before the student loan can be released to you.

How and When Do I Repay?

Repayment terms – You will need to start repaying your loan once you have completed your PhD and started earning an annual income over £21,000 .

Once both these conditions are met, you will start making your repayments at 6% of your income above £21,000 . This means that for the first £21,000 you earn, you won’t need to make any contributions towards your loan repayment, however, anything above £21,000 will be subject to a 6% deduction for repayment towards your student loan.

It’s worth noting that if you work for an employer after your PhD, your repayments will be automatically deducted from your salary and there isn’t anything you will directly need to do. However, if you decide to work for yourself as opposed for an employer, you will need to make the repayments yourself.

Like undergraduate loans taken for undergraduate degrees, a postgraduate Doctoral Loan is subject to interest, which will need to be paid on top of your original student loan value. The interest rate is the retail price index (RPI) plus 3%.

Example: The average UK RPI for 2019 was approximately 2.4%. This means that besides the mandatory 3% that is owed, the average interest rate on a Doctoral Loan in 2019 would have been 5.4%.

It’s worth noting that if you aren’t able to completely repay your postgraduate loan within 30 years from the date of your first payment, the remaining loan debt will be voided.

How Do I Apply?

You can apply in one of two ways – either online , by setting up an account on Student Finance England’s website, or by post , by filling in a printable form on GOV.UK ‘s website. Click the respective below to be taken directly to their websites where you can find out more. Note that you will only have to apply once for Postgraduate Doctoral Loans; Student Finance England will contact you every year to confirm the amount you will receive.

Online Application – Student Finance England

Postal Application – GOV.UK

Note: While English residents and EU students who will study in England need to apply to Student Finance England, Welsh residents and EU students who will study in Wales will need to apply to Student Finance Wales .

The application deadline is based on when your doctoral programme is due to start; you should apply within 9 months of this start date.

Finding a PhD has never been this easy – search for a PhD by keyword, location or academic area of interest.

Other PhD Funding Options

A PhD Loan is only one of several sources of funding to support your PhD studies and living expenses. The other postgraduate funding options available to you are:

• Research Council funding and studentships
• Scholarships and bursaries
• Employer sponsorship
• Charities and Trusts

Browse PhDs Now

Join thousands of students.

Join thousands of other students and stay up to date with the latest PhD programmes, funding opportunities and advice.

Doctoral loans for 2024-entry

• Eligibility

How to apply

The English and Welsh governments introduced a loan scheme for doctoral courses from 2018/19 entry. If you are a new entrant for 2024/25, find out if you are eligible and how you can take out a loan through the information on this page.

Please note that details for students starting in 2024 have not yet been released in full by the UK government. All figures and eligibility criteria on these pages refer to those who started in 2023, unless stated otherwise, and will be updated when further information is available.

How much is the loan?

You can apply for a loan of up to £29,390 (or £28,655 for students from Wales) towards your course and living costs. These figures have been confirmed for students starting in 2024/25.

The loan will be divided equally across each year of your course in line with the number of years course fees are payable .

The loan is paid into your bank account in three instalments during the academic year.

More information

You can find full details about eligibility, application and repayment in the sections listed across the top of this page. An overview of doctoral loans and details of how to apply is available from your regional funding agency's website:

• Student Finance England
• Student Finance Wales

For courses starting on or after 1 August 2021, the UK government has confirmed that EU, other EEA, and Swiss Nationals will be eligible for student finance from the UK government if they have UK citizens’ rights (i.e. if they have pre-settled or settled status, or if they are an Irish citizen covered by the Common Travel Area arrangement). The support you can access from the government will depend on your residency status. Further details on eligibility can be found on the UK government website .

Who can take out the loan?

The information in this section is presented as a guide only. You should refer to the UK government website for further details.

To take out the doctoral loan, you must be:

• Aged under 60 on the first day of the first academic year of your course (on 1 September 2024 for courses starting in October 2024).
• Starting an eligible doctoral course in the 2018/19 academic year or later (on or after 1 August 2018).
• A UK or Irish national, or have settled or pre-settled status under the EU Settlement Scheme or indefinite leave to remain so there are no restrictions on how long you can stay.
• Normally live in England or Wales.
• Have been ordinarily resident in the UK, Channel Islands, Isle of Man or Ireland for three continuous years before the first day of your course.

You will not be eligible for the doctoral loan if:

• You already have a doctorate or higher level qualification.
• You have received or will receive Research Council funding.
• You are eligible to apply for the NHS bursary.
• You are already receiving funding from Student Finance for the same academic year.
• You have outstanding student loan arrears or have previously been found to be ‘unfit’ for student support (e.g. because of attempted fraud).
• You have received a Postgraduate Doctoral Loan before - unless you left your course due to illness, bereavement or another serious personal reason.
• You have transferred from a Masters to a Doctoral course.

Which courses are covered?

Taught and research standalone doctoral courses in any subject are covered by the loan. Courses must start on or after 1 August 2018, and be 3 to 8 years in duration. Courses can be studied on a full-time or part-time basis.

Doctoral courses that include an integrated master’s degree are eligible for the Postgraduate Doctoral Loan, but you must be admitted to and enrol on the doctoral course. You would not be able to make a separate application for Postgraduate Master’s Finance.

If your DPhil course commences in Hilary or Trinity Term please contact the Student Fees and Funding team and we can arrange for a Hilary or Trinity Term start version of your course to be set up within the Student Finance application portal if it has not been added previously.

Applications for students starting in 2024/25 are expected to open in May 2024. You are encouraged to apply as early as possible via your regional funding agency's website to ensure that funding is in place for the start of your course.

The information below is the University's best understanding of the current position. Any changes the government make to repayment arrangements are outside the control of the University.

Will I be charged interest on my loan?

Interest is charged at the Retail Price Index (RPI) plus 3% from the day your first payment is made until your loan is repaid in full.

How do I repay my loan?

You have to repay any loan you borrow, but not until your income is over £21,000 a year. Repayments will be based on your income, not what you borrow.

You will start making repayments the April after you finish or leave your course, or the April four years after the start of your course.

You will only start making repayments once your income is over the current threshold of £403 a week, £1,750 a month or £21,000 a year. You will repay 6% of what you earn over the threshold. So if you are paid monthly and earn £2,500 before tax you’ll repay 6% of the difference between what you earn and the threshold (£1,750):

£2,500 - £1,750 = £750

6% of £750 = £45

So your Postgraduate Loan repayment would be £45 that month.

What if I already have a student loan?

If you already have a Postgraduate Master’s Loan then you’ll make a combined repayment of 6% over the income threshold of £21,000 covering both postgraduate loans.

If you have had any other loan from the Student Loans Company then you will continue to make separate repayments alongside those for your postgraduate loan.

You can find further information on repayments at the  GOV.UK Repayments website .

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Doctoral Program Loans

Save Thousands of Dollars in Total Interest Paid

Pursuing a doctorate degree? You’re already one step closer to your dream career. Don’t let concerns about paying for your PhD derail your ambitions.

Earn your doctorate degree and become debt-free within a target number of years with Brazos’ affordable PhD loans.

Brazos Higher Education offers Texans more repayment flexibility than most lenders, allowing you to focus on your studies and plan your career. No matter what PhD program you are pursuing, Brazos’ student loan for doctorate degree makes it easy to achieve your educational and career goals while fulfilling your monthly obligations.

Even if you live outside of Texas and plan to attend a Texas college, we have loans that can save you money.

Brazos PhD Loan Rates 4

Fixed rates.

Starting at

Including 0.25% Auto-Pay Discount 3

Variable Rates

Why a brazos phd loan is right for you, competitive rates with no hidden fees, up to 100% of school-certified expenses covered.

Brazos student loan for doctorate degree makes it easier for you to focus on your career goals. You can borrow up to the full cost of attendance, less other financial aid received. Qualified expenses include tuition and fees, books and supplies, a computer, living expenses and other school-certified incidentals.

As a non-profit organization, Brazos doesn’t charge application fees, origination fees, or prepayment penalties ever. Use our loan calculator to see what your student loan PhD costs would be with various loan rates and repayment terms.

Repayment on Your Terms

Paying for your PhD is made even more achievable with Brazos’ multiple loan terms and repayment options. Take time to compare rates and evaluate what's best for your educational and career goals before making a decision.

Apply Online in Minutes 8

Check your Brazos PhD student loan eligibility and apply for a doctoral loan fast through our online portal. Unlike other lenders, Brazos offers a quick and easy doctoral student loan application process for your convenience.

Cosigning Made Easy

If you’ve got a limited credit history and are unsure how to pay for a doctorate degree, Brazos can help you. Add your parent, spouse or relative as a cosigner and increase your likelihood of securing the lowest possible student loan rate.

Texans Serving Texans

Brazos Higher Education is a Texas non-profit dedicated to making higher education more attainable for Texas residents. Even if you live outside Texas, if you plan to attend a Texas college, our loan can save you money.

Plus, GET $200 when you Refer-A-Friend .

Not a Texas Resident & Not attending a Texas school? - CLICK HERE

Earning a degree and paying for your PhD shouldn't take a toll on your finances. Use our doctoral student loan calculator to estimate your interest cost and evaluate your payoff options.

Comparing Student Loan Rates Can Save Significant Money!

Brazos nonprofit status and mission allow us to offer competitive rates to Texas borrowers. Our rates are designed to save you money over the life of your loans. Compare Brazos doctoral loan rates to rates offered by other lenders. Ranges cover multiple available repayment options and include available discounts. 

Student Loan Doctoral Programs Fixed Interest Rates (APRs)

All displayed rates include a .25% Auto-Pay discount for auto-debt payments. Displayed rates taken from competitor websites as of 01 April 2024. For Earnest, displayed rates are taken from ELM Select (www.elmselect.com) as of 01 April 2024. The range of rates shown may have changed. Please visit the applicable website for each lender's most current rates and for terms and conditions to qualify for the auto-pay discount. Like at Brazos, the specific rate you receive from other lenders is dependent on numerous factors, including your creditworthiness, the term and repayment option you select, available borrower benefits and the length of any deferment period(s) assumed in calculating the rates.

Rates are not the only factor to consider when shopping for a private student loan. As with any loan, think carefully about your financial situation and understand the details about the loans you’re comparing when deciding which private student loan is right for you.

3 Ways to Repay Brazos Doctoral Loans

Choose one of three ways to repay your doctoral student loan:

Deferred Repayment

Make no payments of principal or interest while in school (up to 54 months) and for six months after you graduate or cease to be enrolled at least half-time at an eligible school.

Interest Only Repayment

Pay only the interest while studying and during a six-month grace period after you graduate or withdraw enrollment at least half-time at an eligible school.

Immediate Repayment

Begin repayment of principal and interest immediately after your student loan for doctorate degree is fully disbursed, even while you’re in school.

What If I Need to Refinance?

Need help paying for your PhD? Consolidate your student loans into one monthly payment to save money and make budgeting easier.

What People Say About Us

- kenn, brazos borrower.

"Our family has worked hard to build good credit. The team at Brazos made sure we were able to make that effort really pay off. We received a better rate on our two student’s education costs than we could find anywhere. Our advisor was always available and went the extra mile to make a complicated process work for us. Thank you... We will see you again next year!"

- Mitchell, Brazos Borrower

"Great people and service. Always there to help or answer my questions."

- Brad, Brazos Borrower

“I was surprised to find the Federal Parent PLUS Loan charges an origination fee of 4.2% with interest rates in the 7.6% range. Brazos offers lower rates and zero fees. They made it easy to apply and work through the process."

- Alison, Brazos Borrower

"Easy access to communicate with representatives. Prompt responses from all communication as well. Customer service is excellent and feels like a small town local bank. I’ve never felt like just another number."

- Kelley, Brazos Borrower

"Great experience. Super easy. Zero fees and decreases the overall amount I will owe on my student loans. So happy!"

Frequently Asked Questions

If your credit history does not meet our minimum credit criteria, you can still qualify by applying with a qualified cosigner. Additionally, even if you meet the minimum requirements, applying with a cosigner who has a stronger credit history may reduce the interest rate on your student loan PhD rate even further, thereby saving you more money over the lifespan of the loan.

Brazos PhD Loans cover school-certified educational expenses, including:

• Tuition and fees
• Living expenses, including room and board
• Textbooks, supplies and equipment
• Transportation
• Other costs necessary to complete your degree

Texas student loans may be requested up to the cost of attendance, less other financial aid, as certified by the school.

Texas Residents - The minimum student loan eligibility amount is $1,000.

Non-Texas Residents Attending a Texas School - The minimum student loan eligibility amount is $2,001.

We encourage all students to exhaust all forms of federal student aid, grants and scholarships before taking out a private student loan like the Brazos Student Loan.

To be eligible for a Brazos Student Loan, you must:

• Be a U.S. Citizen or National or a non-citizen with government-issued, non-expired documentation of permanent resident status. If applying with an Eligible Cosigner, a non-citizen with a work or student visa or a DACA Recipient.
• Be at least 18 years old.
• Be applying to finance an undergraduate or graduate degree and be enrolled at least half-time in a degree-granting program at one of over 2,000 schools nationwide.
• Be applying to finance an undergraduate or graduate degree and be enrolled at least half-time in a degree-granting program at an eligible college in Texas.
• Apply for an amount that is certified by the school the student is attending (see the "Certifying the Cost of Attendance" section of the FAQs)
• Have a minimum annual income of $35,000, or apply with a qualified cosigner.
• Have a FICO score of at least 680, or apply with a qualified cosigner.
• Have a strong credit history and meet other credit requirements, or apply with a cosigner who meets these requirements.
• Not a Texas Resident & Not attending a Texas school? We Can Still Help!

Yes. If you have chosen the Deferred Repayment option at the time you applied, your Interim Period includes a six-month period after you have graduated or ceased to be enrolled half time during which time payments are not due. In addition, for both the Deferred Repayment option and the Immediate Repayment option, if you have qualified for an In-School Deferment, you may also request a six-month Post-Deferment Grace Period immediately following the In-school Deferment.

Still have questions about Brazos Student Loan for doctorate degree? We're here to help! See our full list of FAQs , send us an email or call us at 1-800-453-0841.

Dedicated To Providing Affordable Access To Higher Education Through Resources, Scholarships, And Information. We offer great rates on loans.

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How Can I Pay for Graduate School?

• Academics  

Savvy tips that make earning an advanced degree—and advancing your career—possible

We asked Eric Moraniec , director of graduate student financial assistance and programs at Sacred Heart University, for insights on how prospective students can finance their graduate school degree programs.

Find the true cost of your program.

The cost of a graduate degree program is not always easy to determine. Some institutions list the price per credit with three-credit courses, meaning the credit fee must be multiplied. Be sure to consider the indirect costs, too, including books and updated laptops, transportation and lunch on the go.

Knowing the bottom line will help you make sound decisions.

Consider financial assistance through the federal government and your degree institution.

One of the myths of graduate school is that there is no financial assistance available to attain advanced degrees. This is not true. In addition to payment plans through your chosen institutions that allow you to pay over time, you can file a free application for federal student aid (FAFSA) for federal direct loans and veterans benefits and a separate Sacred Heart University graduate financial aid application, Moraniec said.

Moraniec suggests that most students borrow federal student loans before seeking private loans and compare private lenders to ensure getting the lowest interest rate.

Research institutional financial assistance.

Depending on your degree field, you may find fellowships and scholarships available to fund your education. In addition, certain groups are eligible for tuition discounts available for seeking higher education. At SHU, for example, first responders in the tri-state area may receive a 50% tuition discount on the master of public administration program .

Know your graduate school loans and benefits.

Federal direct loans are unsubsidized, interest accrues while you are enrolled and there are no payments due while you are enrolled at least half-time. Graduate/professional students can receive up to $20,500 with this loan program.

Federal Direct Grad Plus loans require documentation before they will appear on a student’s billing. The student must file a Plus application for credit approval and electronically sign a promissory note and complete a SHU Plus Loan Certification to authorize the loan amount at Sacred Heart, Moraniec said.

Veterans education benefits come in many different types, including the GI Bill, vocational rehabilitation and survivors and dependents educational assistance.

Be sure you fully understand each program's nuances to create the best package for your situation.

Search for graduate assistant positions.

Working in a lab, mentoring undergraduates as a residence hall director or gaining skills in an office situation—graduate students can often secure campus positions that apply to their subject area or research. Most come with regular stipends, and some include tuition benefits, course credit or housing and meal waivers. Such jobs also offer a chance to gain experience and skills that can be listed on your résumé.

Look for scholarship and fellowship opportunities everywhere.

Grad school funding can come from the most unlikely sources. Moraniec suggests researching town, county and state funding, as well as scholarships specific to the student’s degree program, ancestry, gender and more. Potential sources include local businesses, civic clubs, church and religious groups, employers, professional organizations, unions and special interest groups.

Borrow only what you need.

Moraniec advises students to borrow for the entire year and, if possible, to pay interest in school—even if that is not required by the lender.

Think you’re ready to dive into a graduate degree program at Sacred Heart University?

SHU’s diverse graduate, doctoral and certificate programs offer students the flexibility they need to complete their coursework through a variety of options, including online lessons, evening and weekend classes and asynchronous learning opportunities, to name a few.

Advance Your Career with Our Programs

To learn more about what your graduate program of interest offers, talk to our team of admissions counselors, each of whom specializes in specific programs, either virtually or in person. Email [email protected] , call 203-365-7619 or schedule an appointment today.

Want to hear more from SHU? Subscribe to our newsletters to get the latest updates delivered right to your inbox.

• Who is Ascent Best For? 

How to Apply for an Ascent Student Loan

Types of student loans offered by ascent.

• Ascent Student Loans FAQs 

Compare Ascent Student Loans

• Why You Should Trust Us

Ascent Student Loans Review 2024

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate student loans to write unbiased product reviews.

Ascent provides a variety of repayment term lengths on its student loans and low minimum interest rates on fixed-rate loans. You may also qualify for a 1% cash-back reward that will be paid to you after graduation. 

6.22% - 16.08% variable and 4.09% - 15.66% fixed (with AutoPay discount)

Undisclosed

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No prepayment or origination fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low minimum fixed rate APR
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Many options for repayment term length
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Multiple ways to contact customer support
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. May be eligible without a cosigner
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Cashback reward after graduation
• con icon Two crossed lines that form an 'X'. Credit check required
• con icon Two crossed lines that form an 'X'. Late payment fee
• Apply through your computer
• Customer service available via phone, email, and physical mail
• Provided you are eligible, you'll receive 1% of your initial loan balance as a cashback bonus after graduation
• Five, seven, 10, 12, 15, or 20-year repayment terms available (20-year term only available for variable loans)
• Undisclosed late fees
• Loan minimum of $2,001*, maximum up to 100% cost of attendance per term
• *The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001.
• Overall maximum loan amount of $200,000
• Loans made through Bank of Lake Mills, Member FDIC

Ascent Student Loans

Ascent is a good option for borrowers who are looking for a wide range of repayment options and want to avoid some fees. You can take as many as 15 or as few as five years to pay back an undergraduate student loan from Ascent. The lender also allows you to either defer payments, make smaller payments, or pay interest only while enrolled in school. Ascent also doesn't charge an origination fee or a fee for paying back your loan early.

You can get a loan with or without a cosigner, but you'll need to qualify based on your income and credit if you don't have one. You can apply to release your cosigner after two years of consecutive, on-time payments. 

Before you apply for any private student loan from Ascent or any other lender, first seek out federal student loan options . You can usually get better terms and protections through the government.

You need to meet the following qualifications to get a student loan :

• Be a US citizen, permanent resident, a temporary resident with an eligible cosigner, or have DACA status 
• Be enrolled in a school within Ascent's network half-time or more
• Pass a credit check or have a cosigner who can pass one
• Have a minimum income of $24,000 for the current and previous year from you or your cosigner
• Without a cosigner, have two years of credit history 

There are several options for contacting Ascent's customer support. You can call the company from 6:00 a.m. to 6:00 p.m. PST Monday through Thursday, or 7:00 a.m. to 4:00 p.m. PST on Friday and Saturday. You can also email the lender, or send physical mail to its address in San Diego.

1. Collect the required documents and information. This includes your Social Security number, your school of enrollment, your major field of study, the loan amount you need, your address, and certain financial documents.

2.   Fill out Ascent's online application . You can complete the application in just several minutes. After doing so you'll get your prequalified rates without affecting your credit score. 

3.   Review loan offers and pick the one you can afford.  After you submit your information, Ascent will give you different term options. A shorter term length means larger monthly payments — but you'll save more in interest. 

4. Accept your loan terms and plan for repayment . After you sign the document accepting your loan terms, your loan will be approved and funded. Make sure you've worked your loan payments into your budget — late payment may add significant costs to your loan. 

Ascent Student Loans Pros and Cons

• Many repayment term lengths . You'll have a choice between five, seven, 10, 12, 15, or 20-year repayment terms (20-year term only available for variable loans).
• No origination fee or prepayment penalty . Origination fees can add to the overall cost of your loan and increase the cost of your borrowing. Ascent doesn't charge those fees. 
• Low minimum fixed interest rates . Ascent has competitive minimum fixed interest rates on its student loans. 
• May qualify without a cosigner . Ascent has options for borrowers who want to qualify for a loan without a cosigner. Generally, you'll pay higher rates, but it's an option many lenders don't offer. 
• Cash-back reward . Provided you are eligible, you'll receive 1% of your initial loan balance as a cashback bonus after graduation
• Late payment penalty . Ascent charges undisclosed late fees on its student loans. 
• Higher rates for non-cosigned loans . While loans that aren't cosigned may be easier to qualify for, the trade off is that you'll pay higher rates. 

Ascent Student Loans Repayment Options

You have three options to repay your Ascent student loan after you've taken it out: deferred, minimum, and interest-only. Each option has its advantages for different types of borrowers. 

With deferred payments, you won't pay off any of your balance until after the grace period, so it will be the most expensive option as a whole. Interest-only payments will cost the most while you're in school, but it will cost the least overall because you won't accrue any interest while in school.  

Ascent has student loans for many degree types, including:

• Undergraduate

Ascent Undergraduate Student Loans

Ascent has several repayment options for its undergraduate loans, with terms of five, seven, 10, 12, and 15 years available. The minimum rates on its fixed undergraduate student loans are lower than many competitors' rates. You may qualify for a 1% cash-back reward with Ascent after graduating. 

Ascent Graduate Student Loans

Ascent's graduate student loans have repayment terms of five, seven, 10, 12, 15, and 20 years available. Ascent has a lower minimum APR on fixed loans than many other competitors do on its graduate loans, but its maximum APRs on both fixed and variable are higher than what you can find elsewhere. 

Ascent Student Loans FAQs 

Ascent provides as much as $200,000 for undergraduate and graduate credit-based Loans and $20,000 for undergraduate non-cosigned outcomes-based loans.

Ascent says international students attending US colleges and universities may be eligible for its private student loans. 

Private student loans, including those from Ascent, don't qualify for federal student loan forgiveness programs. However, the company says its loans may be forgiven if the borrower is permanently and severely disabled or dies.

Ascent allows you to pay off your student loans early without penalty.

Ascent requires you to maintain GPA of at least 2.9  and meet your school's satisfactory academic performance in order to qualify for its student loans.

Ascent has an A+ from the Better Business Bureau, the organizations highest rating. However, an excellent BBB rating doesn't guarantee you'll have a good experience.  Be sure to check online customer reviews and see if any of your friends and family have experiences with the lender. 

Ascent has low minimum fixed rates, but higher minimum rates on variable loans than comparable lenders — though your rates will depend on your unique financial situation. However, if you or your cosigner don't have the best credit score, Ascent's maximum rates on both variable and fixed undergraduate loans are lower than competitors. Here's how Ascent compares:

Ascent Student Loans vs. College Ave Student Loans

College Ave Undergraduate Student Loans is the only company among the three competitors listed here that allows you to make full payments on your loan while you're in school. All three comparable competitors offer deferred, fixed, and interest-only repayment options. 

You can pick a repayment term length of five, eight, 10, or 15 years with College Ave undergraduate loans, while Ascent offers term lengths of five, seven, 10, 12, and 15 years.

College Ave Student Loans  

Ascent Student Loans vs. Sallie Mae Student Loans

While Ascent offers term lengths of five, seven, 10, 12, and 15 years on its undergraduate loans, Sallie Mae Undergraduate Student Loans  will assign you a term length of either five, 10, or 15 years. 

Sallie Mae Student Loan Review   

Why You Should Trust Us: How We Rated Ascent Student Loans

We rate all student loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:

• Interest rate (20% of rating)
• Fees (20% of rating)
• Term lengths (15% of rating)
• Repayment options while in school (15% of rating)
• Borrower accessibility (15% of rating)
• Customer support (7.5% of rating)
• Ethics (7.5% of rating)

Each category's weighting is determined based on its importance to your borrowing experience. Rates and fees have the most significant impact on the total cost of your loan, so we weigh those the most heavily. Customer support and ethics are still crucial parts of the borrowing experience, but do not directly tie to a student loan's terms, so they have less of an impact on the overall rating.

Read more about how we rate student loans »

Ascent Student Loans are funded by Bank of Lake Mills, Member FDIC.

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards .

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

**Enrollment required.

• Main content

Stipends for doctoral students of psychology have not kept pace with cost of living in the U.S., study finds

A n online survey of doctoral students in psychology across the U.S. has shown that their annual stipends are not keeping pace with the rising cost of living. More than 80% of these students reported taking on additional debt to cover their living expenses. The survey also found that students who were more concerned about their financial situation were more likely to postpone getting married or having children and were also more likely to forego medical or mental health care. The paper was published in the Journal of Clinical Psychology .

The cost of higher education in the United States has risen dramatically over the past several decades. Since the 1980s, tuition and fees at both public and private colleges and universities have increased by as much as 250%, which is a rate far exceeding inflation. For the 2021-2022 academic year, the average cost of tuition and fees was $38,185 at private colleges and $10,338 for state residents at public colleges.

This rise in costs has been driven by factors such as increased demand for higher education, reductions in state funding for public institutions, growing administrative expenses, and investments in facilities and technology. The escalating cost of higher education has led to a significant increase in student loan debt, which has become a major financial burden for many Americans.

In 2021, total student loan debt in the U.S. was estimated to be over $1.7 trillion. With around 44 million borrowers, the average debt is around $38,000 per borrower. This rising cost of higher education and the associated debt has sparked an ongoing debate about the value of a university degree and the need to reform the higher education system.

Research focusing on graduate psychology students has revealed that their debt levels have escalated from between $20,000-$60,000 around the turn of the millennium to recent estimates exceeding $122,000 and $231,000 for PhD and PsyD students, respectively. This level of debt is in stark contrast to the median annual salary for clinical psychologists, which stands at $90,000.

Study author Erica Szkody and her colleagues wanted to further explore the financial stress and debt situations of doctoral students in clinical psychology. They were interested in understanding the sources of funding and financial support these students receive, how they manage their finances, and the impact of financial stress on their future plans and mental health. They sought detailed insights through an online survey.

The survey included 912 doctoral students from scientist-practitioner and clinical scientist psychology graduate programs in the U.S., with 82% identifying as female and 73% as White. The participants represented a diverse geographical distribution across the country.

The survey inquired about the students’ incomes, including stipends, part-time employment, savings, and other sources of income, as well as their expenses, such as daily living costs, work and education-related expenditures, and their level of debt. It also explored issues related to financial stress, including delays in achieving life milestones due to financial concerns, living arrangements, and assessments related to financial hardship, depression, anxiety, substance abuse, sleep patterns, and sleep difficulties.

The findings indicated that half of the students received stipends covering all 12 months of the year, while 39% received support for 9 months. Despite variations in funding during the summer, over half of the participants reported some form of support. Savings among students varied significantly, with 50% reporting up to $5,000 in savings and 15% having none. Financial support from friends, family, partners, or child support was crucial for 72% of the students, especially during the summer months.

Despite program restrictions on part-time employment, 28% of students reported having part-time jobs at some point. Only 5% had no undergraduate student loan debt, and 19% had not taken out graduate student loans. The average loan size reported was around $77,000, with some students reporting debts as high as $500,000.

Most students shared housing with roommates, family members, or friends, with 86% renting homes or apartments. The average annual expenditure for students was approximately $17,500, against an average reported income of about $21,500, leaving them with around $4,000 in expendable pre-tax income. However, about 35% reported having no expendable income.

Approximately 43% of participants expressed significant stress about their financial debt, and 16% seriously considered discontinuing their doctoral studies due to financial difficulties. About half of the participants delayed life milestones due to financial concerns, most commonly postponing marriage, starting a family, having children, and participating in social activities.

Further analysis revealed that lower stipends, greater debt, and smaller savings were linked to higher financial stress and more time spent worrying about financial issues. Greater financial concerns were associated with higher levels of depression and anxiety, as well as reduced sleep quality.

“This study illustrates the inadequacy of current financial support for clinical psychology doctoral students,” the study authors concluded. “Most of the sample reported receiving a stipend that required them to take out significant loans during graduate school, which contributed to debt and financial stress.”

“We also now know that financial stress is related to symptoms of depression and anxiety, and poor sleep for clinical psychology doctoral students, as well as avoiding seeking proper health care, which makes financial stress in graduate school a topic of critical importance. University and program leadership are encouraged to advocate for increased financial support, as well as improve financial transparency and access to health care.”

The study sheds light on an important predicament current doctoral students face. However, it should be noted that study participants were exclusively students from clinical psychology programs that were members of the Council of University Directors of Clinical Psychology. Results might be somewhat different on students of other programs.

The paper, “ Financial stress and debt in clinical psychology doctoral students, ” was authored by Erica Szkody, Steven Hobaica, Sarah Owens, Jennifer Boland, Jason J. Washburn, and Debora Bell.

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• Education and learning
• Student finance

Funding for postgraduate study

You can get funding for postgraduate study through loans, studentships, bursaries and grants - you might also get help from your employer.

You can now apply for funding for the 2023 to 2024 academic year.

Search for postgraduate funding on the Scholarship Search website or Prospects website .

Postgraduate Master’s Loan

If you’re starting a master’s degree, you could get a Postgraduate Master’s Loan to help with course fees and living costs. You can get up to:

• £12,167 if your course starts on or after 1 August 2023
• £11,836 if your course started between 1 August 2022 and 31 July 2023
• £11,570 if your course started between 1 August 2021 and 31 July 2022

Postgraduate Doctoral Loan

If you’re starting a doctoral degree, you could get a Postgraduate Doctoral Loan to help with course fees and living costs. You can get up to:

• £28,673 if your course starts on or after 1 August 2023
• £27,892 if your course started between 1 August 2022 and 31 July 2023
• £27,265 if your course started between 1 August 2021 and 31 July 2022

It is not based on your income or your family’s and it’s paid directly to you.

Studentships

Studentships are postgraduate positions that have funding attached for fees, living expenses or both. They’re mainly funded by UK Research and Innovation .

Teacher training, social work, medical and healthcare courses

You can apply for funding for:

• Initial Teacher Training
• social work - through a social work bursary
• some medical or healthcare courses - through an NHS bursary
• most medical or healthcare courses - through a student loan

Graduate-entry medical students can also get support from Student Finance England for fees charged over £3,465.

Charities and trusts

Charities and trusts sometimes provide grants, often for students from poorer backgrounds or those who’ve achieved academic excellence. Find out more at your local library in these publications:

• the Educational Grants Directory
• the Charities Digest
• the Grants Register
• the Directory of Grant Making Trusts

You can also use the Family Action grant search .

Learned societies

Societies sometimes offer funding for postgraduate or postdoctoral research. They include:

• the British Academy (for humanities and social sciences - postdoctorate only)
• the Royal Academy of Engineering (for engineering)
• the Royal Society (for science - postdoctorate only)

You might be able to get funding from:

• an individual - sometimes people donate awards to help postgraduates (these are usually offered through your university or college)
• your employer - they might sponsor you if the course is relevant to your job
• a Disabled Students’ Allowance
• the Student Awards Agency for Scotland if you’re from Scotland

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Financial Aid and Tuition

Financial Aid & Tuition

On this page, college is expensive. we’ll help you figure out how to pay for it., undergraduate financial aid, important links, satisfactory academic progress standards, cost of attendance & overview of aid programs, application deadlines, financial aid forms, how to apply, federal work study, financial aid policies, net price calculator, merit scholarships & grants, undergraduate tuition & fees, office of the bursar, part-time students, important fafsa information.

The 2024-2025 FAFSA is now available for the 2024-2025 academic year. Please visit https://studentaid.gov/h/apply-for-aid/fafsa to apply.

2024-2025 newly accepted and prospective first year students the FAFSA priority deadline date is Febraury 15, 2024.

Current and continuing students, please have your 2024-2025 FAFSA completed by April 15, 2024.

FAFSA Simplification Act

The FAFSA Simplification Act has been passed by Congress. This Act significantly changes the processes and systems used to determine federal student aid eligibility and is intended to make the FAFSA easier for students and families to complete.

Fairfield University’s Student Financial Aid Office will update this webpage with the most current information, enabling us to promptly share the latest updates with our students, families, and campus community.

We're committed to every aspect of your education - including helping you afford it. Currently, 90% of our undergraduate students finance their education through a combination of scholarships, grants, work-study, graduate assistantships, and loans. Many of our graduate students also receive aid to help finance their education. We realize that every student has a unique set of circumstances, and we'll work with you one-on-one to do everything we can to help you attend Fairfield. On this site you'll find a comprehensive list of financial aid options available to you. Our financial aid staff is happy to answer your questions and to help you learn how you can make Fairfield a reality.

As a prospective Fairfield University student, you are considering an outstanding, private Jesuit institution that requires a significant investment. The value of this investment - both academically and personally - will not only be realized over your four years as a student at Fairfield, but you will reap the benefits in the years well beyond college when you are enjoying a successful career and an enriching life.

Fairfield offers you the kind of education that:

• Makes you an agile thinker with the multidisciplinary education to form a well-rounded citizen and scholar.
• Encourages you to develop the intellect, skills and confidence to make your own way in the world, and perhaps change it for the better.

Applicants often assume they cannot afford a highly selective liberal arts college such as Fairfield University, but we are committed to helping you do exactly that. There are a number of ways financial aid can help close the gap between what a family can afford to pay and the full cost of attendance. We are here to advise you on how to bridge the gap and make a Fairfield University education a reality for you.

Just as all students have different academic goals in college, we recognize that their financial aid needs may vary over the course of their four years at Fairfield. We pride ourselves on working individually with students and their families every year to provide the latest information to help them manage and navigate through their financial aid choices.

For a student to receive financial aid and/or merit scholarships, regulations require satisfactory academic progress toward a degree. The following are the satisfactory academic progress standards for students seeking federal or institutional financial aid at Fairfield University.

From its founding, Fairfield University has been committed to providing educational opportunities to motivated students of diverse social and economic backgrounds. While students and families have the primary responsibility for college expenses, Fairfield University sees this as a shared endeavor and will assist students with as much financial aid as possible.

Eligibility for financial aid is based primarily on financial need. Fairfield University uses the Free Application for Federal Student Aid (FAFSA) and the College Board's CSS Profile to determine financial aid eligibility for all undergraduate students. These applications take into account the income, assets and investments of parents and students, the number of dependents in the family, the number of siblings attending college, and several other important factors when calculating financial need.

Forms that may be required in order for the Office of Financial Aid to complete the verification and/or appeal processes in order to confirm financial aid eligibility. Please refer to your my.Fairfield account for instructions on how to complete these forms.

Whether you are a current or prospective student, we want to make your Fairfield education as affordable as possible. We also created a checklist to make your financial aid application process as easy as possible too.

Federal work-study (FWS) is a program funded by both the federal government and Fairfield University that provides part-time employment to undergraduate students who have significant financial need. Eligible students have an opportunity to earn money to help with educational expenses while gaining valuable professional experience in University or community service jobs.

Fairfield University uses both Federal Methodology (FM) and Institutional Methodology (IM) to determine a student's demonstrated financial need. Federal aid (grants, loans, work-study) is awarded based on information provided on the Free Application for Federal Student Aid (FAFSA). Federal Methodology calculates a student's financial need with a formula that was established by U.S. Congress.

Students (or parents of dependent students) may be eligible for federal loans at Fairfield University.

At Fairfield, we know that the cost of a private college education is an important investment and a major decision for you as a student and for your family. We are pleased to provide you with this resource to help you estimate the merit-based and need-based aid for which you may be eligible at Fairfield.

All admitted students are automatically considered for a merit scholarship, regardless of whether he or she has completed an application for financial aid. Fairfield Tuition Grants (need-based) awards are made after a thorough analysis of a family's ability to pay and they may vary from year to year according to the student's need and the availability of funds.

Tuition and Fee Schedule - Undergraduate

The Office of the Bursar is responsible for the Accounts Receivable of the University. The student accounts area is specifically responsible for issuing the student bills, processing receipts and responding to inquiries.

Investing in a college education can be a major financial decision, and many students need to look beyond their own resources for assistance. The Office of Financial Aid is committed to helping students find the best opportunities to meet their needs, including a wide range of scholarships, loans, tax credits, veterans' benefits and other programs.

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